TMI Blog2022 (11) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... s a further stipulation in the agreement therein that possession had to be given to the purchaser/assessee only after she had complied with the foregoing detailed payment schedule. The assessee s bank statement which prima-facie suggests that the specified payment schedule had very well travelled beyond clinching date of 26.02.2013 i.e. one year before the sale deed executed by her on 27.02.2013 - Thus lower authorities have erred in law and on facts in disallowing the assessee s section 54 deduction claim - Decided in favour of assessee. - ITA No.637/PUN/2020 - - - Dated:- 23-11-2022 - Shri S.S. Godara, Judicial Member And Dr. Dipak P. Ripote, Accountant Member For the Assessee : Ms. Rucha Vaidya For the Revenue : Shri M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased 1 year 2 months and 6 days before the sale of property at Wadgaoseri. However, the appellant claimed deduction of Rs. 77,48,507/- u/s. 54 as per the statement of total income. 5.5 However, as per the provisions of the Sec 54 of the Act, it is clear that in order to be eligible for deduction u/s 54(1), the appellant should have purchased residential house within one year before or two year after the date of sale of Wadgaonseri property. In the instant case, the appellant sold the Wadgaonseri property (original Asset) on 27/02/2013 and bought the new asset (Viman Nagar) on 14/12/2011. The appellant would have been eligible for deduction u/s 54(1) if the new asset was purchased not before 27/02/2012. Further, Section 54 does not t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase agreement re-investment document dated 14.12.2011 (pages 11 to 69 in the paper book) makes it clear at page 22 that only 10% of the total purchase price had to be paid by the said date followed by a detailed payment schedule of 10% and 4% each on 11 various occasions, 5% on completion of brick work thereof and 4% each on four occasions and the remaining 5% at the time of occupation of the house property; respectively. There was a further stipulation in the agreement at page 14 therein that possession had to be given to the purchaser/assessee only after she had complied with the foregoing detailed payment schedule. 5. Ms. Vaidya invited our attention to page 87 in the paper book containing the assessee s bank statement which prima-f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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